ABCD and a probably bullish wedge

FX:EURCAD   Euro / Canadian Dollar
76 0 1
Hello traders,
After looking at the recent price action and the new found strength in the EUR, I believe it is time to look for further action with EUR pairs. Currently, I see a bullish ABCD pattern in play and the target for this is just above a trend line I have shown above. Now, whether this pattern goes on to form a classic wedge or not is something to be seen. But currently, there are a lot of signs for a continuation of the upward move at least to 1.4335 area.
The only problem however is, if entering long now, it may be tricky to find a good S/L.
However, looking at the swift AB leg, we could safely say that a prolonged consolidation around current level is not logical. Hence, I would place a S./L below yesterday's lows.
SELL EUR/CAD @ current price. S/L @ 1.4095 and T/P 1.4335
That is about 80 pips of S/L to 170 pips T/P. I believe that is a decent ratio to trade.
Happy trading and happy pipping!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out